Early September this year, a new Jobs Taskforce has been assembled with the objective of helping boost the local talent scene for key sectors. As stated by Minister of Manpower Tan See Leng, there are three broad areas this initiative is targeting. One, to support locals in their career switch within the key sectors. Two, helping reskill existing workers to keep up with the growth and demands of their job in the key sectors, as well as three, advancing towards more progressive human resources management practices.

These key sectors cover 10 industries, namely infocommunications technology and media, financial services, and extends towards logistics, food services, retail, professional services such as accountancy, manufacturing, healthcare, wholesale trade, as well as built environment. The local talent crunch has always been a challenge for many Singaporean businesses, especially when it comes to looking out for talents equipped with digital and technology skills.

With this new Jobs Taskforce set up, it aims to involve various agencies like manpower, trade and industry, communications and information and coordinate their efforts in order to strengthen the growth of the Singaporean core in the sectors’ talent pool. As Singapore continues its fast-paced development in its economic plans, it further pushes the gap between the job demands and the skillsets of the current talent pool. Not only is it getting harder for the workforce to keep up with the jobs available today, it is also putting pressure on businesses to seek alternative options in building their workforce. 

Amidst COVID-19 and the weakened foreign labour conditions, the conversation about growing local talent sparked again, with the Singaporean Government pushing for employers to prioritize the hiring of local talents over foreigners. This is where certain industries struggle due to the imbalanced supply and demand of talents, and businesses will be disadvantaged if they are narrowed to the stiff competition of hiring from the small local talent pool within the industry.

All of these concerns and challenges form the core of what the Jobs Taskforce aims to tackle. As compared to the National Jobs Council, the Jobs Taskforce is taking a much more granular approach to understand the changing needs of these businesses in the identified sectors so they can help uncover skill shortages and the necessary solutions to fill the gaps. All of these builds towards the end goal of formulating policies that are tailored and well targeted to support the different groups.

References:

https://www.straitstimes.com/singapore/politics/new-task-force-to-help-spore-workers-get-jobs-in-10-key-sectors

https://www.channelnewsasia.com/singapore/new-jobs-taskforce-grow-local-talent-key-sectors-tan-see-leng-2152021

Once a bustling spot for tourists from the mainland, the pandemic as well as subsequent measures means that Hong Kong luxury retail has lost a significant portion of consumers — tourists from the mainland.

However, businesses have to make a living after all, and so outlets belonging to Luk Fook Holdings and Chow Tai Fook Jewellery, both rivals in the same industry of selling jewels, have turned their eyes on local consumers, pushing out benefits and discounts to locals. Luk Fook Holdings is even working with a local e-commerce platform to set up its own shopping website.

For other industries such as F&B, the increase in domestic consumers due to relaxation of policies since February means that life goes on as usual for them.

Meanwhile, Hong Kong is still pushing full-steam ahead with the goal of becoming one of the next R&D giants in Asia… or at least, there are signs of it hoping to be. Hong Kong is actively recruiting tech talents across the world, through the Technology Talent Admission Scheme (TechTAS). This scheme allows companies to employ tech talents across the sea, going beyond borders to find the best tech talents suited for the company. The mainland government has also set aside funds especially for researchers based in Hong Kong universities. 

It’s clear that beyond stagnating as a retail heaven, Hong Kong is now pushing forward as a formidable force in the field of technology too. 

Reference:

https://www.straitstimes.com/asia/east-asia/chinese-tourists-disappearance-is-remaking-hong-kong-retail

https://www.itc.gov.hk/en/fund_app/techtas/about_techtas.html

Linkedin just announced that it would be shutting down its operations in China today — or at least, it’s going to come back in the form of Injobs, a vastly reduced form solely for job search and recruitment, lacking the social media aspect such as the posting of articles and sharing of content.

However, the hiring grind simply doesn’t stop, and there are still plenty more ways to look for talents in China and hire them — there are plenty of job search avenues for Chinese talents too. Here are some of them.

1. Zhaopin.com

Founded in 1994, Zhaopin.com is one of China’s oldest job recruitment sites, and one of the most popular too. You can never go wrong with this site.

2. 51job.com

51job.com’s bright orange interface can never be missed. Starting from 1998, it is now serving millions of job seekers and recruiters.

3. 58.com

If you are hiring from outside, the smart website automatically adjusts to the location you are hiring from. It is also one of the top job searching and recruiting sites for Chinese people.

Hang on, you might ask. They are all in Chinese, wouldn’t that make it impossible for people who don’t know Chinese to navigate? Shouldn’t I be including English sites?

For starters, a majority of the English sites for jobs in China largely cater to foreigners/expats seeking a job there. For employers aiming to hire from China, some of those might not be the ideal choice, now that Linkedin is gone.

This is where our recruitment solutions come into play. Link Compliance’s curated pool of candidates allows recruiters seeking to hire in China exclusive access to candidates of higher quality than the market average. Our on-site team, well-versed and bilingual in English and Chinese, would be able to find you the best available candidate. If you are a job seeker trying to find the best available jobs in China, especially in the retail, biotechnology, IT and finance sector, our doors are more than wide open. Just enter our site, and get in contact with us.

No legal entity in China but you want to hire staff from there? You can consider our Professional Employment Organisation (PEO) services. We will help you hire employees in China under our name, but you get to do all the decision making and have full control over the employee.

In short, although China has its own job search and recruitment sites, for recruiters based out of China, our recruitment solutions and PEO services would be more than enough to service your needs, even before LinkedIn is gone in China.

You are Sam. You have a successful tech/finance/bioscience/retail company going on, but competition is tight over here. The domestic market is a slice of pie that everyone wants to get, but maybe you had your fill and feel like you can fight for a different slice of pie instead. Your heart is starting to itch for a something more. 

Maybe one day you are on the way home from a long tiring day at work, or maybe you simply took a glance at the world map. Suddenly it’s like a light bulb lit up on your head — why not expand overseas? There is always a niche for foreign products. You hold the patent in your hands, and you tremble in excitement at the very thought. 

Well… there is one issue, however. The country you are thinking about is China, and you cannot speak Chinese even if you tried with all your might. You don’t know anyone there, or anything really, other than the fact that your product might sell like hotcakes over there. 

So you start researching. Having to be in there in person to get a corporate bank account registered. The 31242 regulations you have to follow, all mostly in Chinese. What do you mean that laws are carried out differently depending on the region? What do you mean that employees are entitled to different number of days for maternity leave? All labor contracts have to be in Chinese? You have a feeling that by the time you get over the language barrier and set everything up, your time might have been better spent elsewhere instead. 2 years is no joke.

You feel yourself blacking out. This is honestly too difficult, maybe it’s not worth it at all…. And that is where we stop you. 

“Check out our Professional Employment Organization (PEO) services,” we say to you. 

So you click into our website. You read, and you feel hope swell up in you again — what do you mean you can set up a company overseas, over in China, without having to set up a legal entity yourself? 

We smile and present to you our existing infrastructure. Our existing on-site teams are more than prepared to help you hire Chinese employees on your behalf. We can help you payroll and manage your employees too, exchange rates and international bank transfers begone! You still get to directly manage your employee; except they are hired under our name. We are just a medium for your business to expand through, that’s all. 

This is all sounding too good to be true, and the fact that we do this without needing set-up costs and as well as asking for some of the lowest monthly fees in the market sounds like a dream coming true for your wallet. 

So you get into contact with us, and within two days, you essentially have a whole company overseas, ready to go in action. You go to sleep with a smile on your face. 

Be Smart, be like Sam. Check out our PEO services and unlock infinite opportunities today.  

Uncertainties always exist in the workplace, and one of the biggest uncertainties is whether the candidate you just hired will prove to be a quality candidate. This uncertainty is not only a time-consuming affair, but it can be extremely costly as well. According to the CEO of Zappo, Tony Hsieh, the cost of bad hiring cost his organization “well over $100 million”.  

Of course, that is a frightening amount upfront, but more often than not these costs of bad hiring are an accumulation of non-direct costs: loss in productivity, damaged reputation with clients, higher recruitment costs and opportunity costs et cetera.  

So, what does it mean by hiring based on credentials and hiring for ‘potential’?  

Hiring for ‘experience’ 

Hiring based on credentials is simply hiring based off a qualifications ‘checklist’, where candidates must have the necessary skillsets before being considered. This is the traditional hiring strategy where experience supersedes other consideration factors. For companies who have roles that are more technical, it is common to employ this method of hiring to seek for candidates who possess a necessary skillset. Most companies also have the preference that their candidates can “hit the ground running”. Understandably, hiring is an uncertainty, and possessing experience can be an indicator of lesser time spent for the new candidate to reach full productivity.  

Hiring for ‘potential’ 

For hiring based on ‘potential’, we are looking at assessing other qualities beyond their qualifications. This could be looking at attitudes, growth mindsets or culture fit, and hiring them based on their potential to do well in the company, even though they may be lacking in some requirements at the point of hire. In a way, this is a progressive and forward-looking strategy as compared to hiring strictly based on experience. Companies who hire for ‘potential’ believe that if they invest the right support and training to help these candidates grow, they will not only be skilled and resourceful, but loyal and motivated as well. 

In a report by Robert Walters, a significant 94% of candidates hired for ‘potential’ instead of their qualifications, have been retained in their jobs. Despite that, many hiring managers across Asia are still reluctant to shift their gears towards hiring for ‘potential’. Nearly 1 in 10 were not keen to consider hiring for ‘potential’.  

Within the Singapore landscape, we hear about jobs with a long list of requirements demanding years of experience for an entry-level job. As the number of fresh graduates continues to increase year on year, it might be wise for employers to start considering hiring for ‘potential’ to give a fairer chance to this potential talent pool. In essence, identifying a quality candidate will always be a challenge, but having your own process and prioritizing traits you want to see in a candidate can prove to be more beneficial than following the pack. 

If your company is struggling with recruiting the right people, Link Compliance can help. We help connect companies to our talent pool in 4 big sectors – Retail and Luxury, IT and Technology, Medical and Biotechnology, as well as Banking and Finance. To know more about our recruitment services, head to our recruitment solutions page today. 

Articles referenced: 

https://www.hcamag.com/asia/news/general/1-in-2-hiring-managers-in-asia-reluctant-to-evolve-their-strategies/190385

https://www.hcamag.com/ca/specialization/hr-technology/how-to-measure-the-true-cost-of-a-bad-hire/160744